joerg_rw

thanks for the explanation of your position,

i belive you are correct in saying the board cannot do whatever it likes, in most countries there are either regulations, or case law meaning they need to act responsible in regards to who put then in charge, that in its own right does not give anyone else authority over them though

your other point seems to be that because the council is elected that they have authority?

the way i see it the board of directors ( http://www.investopedia.com/terms/b/...fdirectors.asp ) is exactly that. and the council is essentially THE advisors for them, little more

so i respectfully disagree with your position